AUSTIN, Texas--(BUSINESS WIRE)--Edgecase, the leading provider of curated product data that powers e-commerce, today announced it has secured $7.5 million in growth financing, bringing the company’s total amount of funding to $15.5 million. Lead investor Austin Ventures and supporting financiers continue to recognize that Edgecase’s world-class SaaS solution has the unique ability to transform inconsistent and inadequate product data to power more personalized and lucrative shopping experiences. Edgecase will use this latest funding to further develop the product data enrichment IP that powers its Product Curation Engine and to fuel the company’s go-to-market investments in sales and marketing.
Currently working with leading retailers including Crate & Barrel, Pier 1, Sur La Table and Urban Decay, Edgecase helps consumers find what they are actually looking for when shopping online. While the average consumer naturally taps into their 50,000-word vocabulary to describe what they are looking for, the majority of retailers limit them to only three to five words when shopping via the desktop or mobile. Edgecase fixes this disconnect by enriching retailers’ product vocabulary to enable a more meaningful dialogue with their shoppers and to drive more sales.
“Edgecase has been one of those rare special partners, helping us to develop a unique shopping experience that helps our beauty ‘junkie’ fans find the products they crave. We’ve been extremely excited to see our shoppers convert higher on desktop (16%) and on mobile (150%) when they leverage the Edgecase solution,” said John Perasco, AVP Digital, Urban Decay. “To create this more personalized experience, Edgecase helped us solve some tough issues with building and maintaining product data that reflects the preferences of our very individualistic customers. Urban Decay looks forward to continued success and innovation with the Edgecase team.”
On average, Edgecase’s product navigation and discovery solution generates three to four times more product data 10X faster and at half the cost it would take a retailer to scale and manage on their own. This year alone, Edgecase has curated almost two million product attributes that have been utilized over 12 million times by shoppers to express their personal preferences. Retailers utilizing Edgecase’s product navigation and discovery experiences have driven up to 130% higher revenue per visitor (RPV) on desktop and 150% higher conversion rates (CVR) on mobile. The company continues to meet and exceed its growth plans as it continues to revolutionize the way the retail industry approaches merchandising.
“I am proud to report that Edgecase continues to deliver record-breaking results for our retail clients. To have ongoing investment from our investors, including Austin Ventures, is gratifying and is a testament to our progress to date as well as our shared excitement for our future plans,” said Susanne Bowen, CEO, Edgecase. “In the past year, we have grown revenues 245% and have grown bookings over 100%. We plan to grow our team 50% in the next year to support our continued growth and innovation.”
“Product data is the lifeblood of every retail business, and especially important to digital channels that will influence 64%, or $434 billion, in overall holiday sales this year alone. Retailers who can make their data relevant and keep it optimized have the opportunity to massively increase internal efficiencies and propel cross-channel sales,” said Chris Pacitti, general partner, Austin Ventures. “We are excited to see Edgecase continue to build upon their proven technology to solve huge retail problems. We look forward to working with their team through this new phase of growth.”
Edgecase is the leading provider of curated product data that fuels retail and helps shoppers find what they are actually looking for. By identifying and creating enriched product attributes that align with how consumers think and communicate, Edgecase empowers retailers to speak the language of their shoppers. Edgecase’s Adaptive Navigation tools leverage this expanded product vocabulary to power discovery experiences that connect shoppers with the products they’ll love, resulting in higher engagement, conversion, and cross-channel revenue. Forward-thinking retailers using Edgecase include Crate & Barrel, LD Products, Pier 1 and Urban Decay.
Edgecase was founded in 2012 and is based in Austin, Texas. The team is comprised of passionate and innovative thinkers who know that company success is created through the powerful combination of unique technology, expertise and deep client relationships. The Edgecase team is committed to creating memorable shopping experiences and propelling what's next in retail.